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illuminem summarizes for you the essential news of the day. Read the full piece on Le Monde or enjoy below:
🗞️ Driving the news: After three days of intense negotiations, countries reached a compromise at COP16 in Rome to boost global biodiversity finance, including plans for a new biodiversity fund
• While the deal fell short of what many developing nations wanted, it demonstrated that international cooperation on environmental issues remains possible, even as the U.S. withdraws from green diplomacy under President Trump
• The agreement provides a framework for implementing the 2022 Kunming-Montreal Global Biodiversity Framework, which aims to protect 30% of land and sea areas by 2030
🔭 The context: Rich nations and developing countries clashed over biodiversity funding, with Europe pushing for private sector contributions while Africa and small island states demanded a dedicated global biodiversity fund
• The final agreement postponed a decision on the fund’s structure until 2028 but acknowledged the urgent need for increased financing
• The BRICS nations played a central role in the talks, with Brazil’s last-minute proposal shaping the final compromise
🌍 Why it matters for the planet: Biodiversity loss threatens food production, economic stability, and climate resilience, with one million species at risk of extinction
• The agreement keeps global nature conservation efforts on track, though environmental groups warn that without concrete financial commitments, progress will be slow
• The deal also sets a precedent for future climate and plastic pollution negotiations
⏭️ What's next: Countries must now mobilize the $200 billion annual biodiversity funding pledged by 2030, including $20 billion in public aid by the end of 2025
• Further negotiations will determine how the new biodiversity finance mechanism will function
• The EU and Norway see the deal as a positive step for upcoming international environmental talks
💬 One quote: “This is the light that still unites us in these dark times.” — Susana Muhamad, COP16 President and Colombia’s Environment Minister
📈 One stat: Countries have committed to delivering $200 billion per year for biodiversity by 2030, but only $15 billion was provided in 2022
(see here detailed sustainability performance of financial service companies like ALLCOT, BlackRock and Capital One)
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